Newmont acquires Newcrest, creating world’s leading gold mining business

DENVER – Newmont Corporation has announced it has completed the acquisition of Newcrest Mining Limited to create the world’s leading gold company with robust copper production.

“Today marks a historic milestone in our company and the industry with the successful completion of this transformational acquisition of Newcrest by Newmont,” said Tom Palmer, Newmont’s President and Chief Executive Officer. “Our attention now turns to safely, efficiently, and responsibly integrating Newcrest’s assets and people into Newmont’s proven operating model, so we can accelerate the delivery of our value-focused strategy for all our stakeholders.”

Featuring more than half of the world’s Tier 1 assets, Newmont’s unmatched portfolio of long-life operations, value-accretive projects, abundant exploration opportunities, and world-class talent will underpin year of profitable production in the world’s most favorable jurisdictions. This expanded portfolio will include operations with scale, margin, and mine life to generate robust and lasting returns for decades, while supporting best-in-class sustainability performance.

With the transaction now complete, Newmont’s acquisition of Newcrest is expected to:

• Strengthen Newmont’s position as the responsible gold mining leader through the combination of high-quality operations, projects and reserves concentrated in low-risk jurisdictions, including 10 Tier 1 operations* to support decades of safe, profitable and responsible gold and copper production,
• Generate annual pre-tax synergies of $500 million, expected to be achieved within the first 24 months, together with at least $2 billion in cash improvements through portfolio optimization in the first two years after closing,
• Maintain Newmont’s balanced capital allocation priorities and industry-leading non-binding dividend payout; since closing the Goldcorp transaction in 2019, Newmont has paid more than $5 billion in dividends, further demonstrating our commitment to our shareholders,
• Feature a deep bench of experienced leaders, subject matter experts and existing regional teams in Australia and Canada with extensive mining industry experience,
• Maintain industry leadership in environmental, social and governance performance; and
• In connection with the transaction, Newmont issued 357,691,627 new shares of Newmont common stock, including 15,720,585 New Newmont Shares, 341,792,611 shares underlying New Newmont CDIs and 178,431 shares underlying New Newmont PDIs.

Newmont is the world’s leading gold company and a producer of copper, zinc, lead, and silver. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.